Compliance

Compliance begins at the top. At Pacific Private Bank we emphasize the standards of honesty and integrity, and our board of directors and senior management lead by example. Everyone within the bank is required to comply with the highest standards when carrying out business. We strive to adhere to the letter and spirit of the law, at all times.

Commitment to compliance

Our behavior, decisions, and actions are continuously guided by the proper standards of market conduct. Possible conflicts of interest are well managed, our customers are treated fairly, and given suitable advice. The prevention of money laundering and terrorist financing is of the utmost importance at Pacific Private Bank.

To manage compliance risk effectively Pacific Private Bank has established an independent compliance function within the bank. This function is consistent with the compliance principles defined by the Basel Committee on Banking Supervision. The strength of the function is ensured by our qualified and experienced staff members led by the Chief Compliance Officer, who reports directly to the Board.

Our officers specifically dedicated to AML&CTF ensure the prevention of money laundering and terrorist financing. We view this duty as one of the key risk management tasks in our business. Our staff is periodically trained on AML&CTF prevention procedures as well as overall compliance.

Together, we make sure that the bank, its shareholders, our clients, and our employees are shielded from the possible harmful effects of exposure to money laundering or terrorist financing activities.

Sensitivity to risk

To manage risks, we are engaged in managing compliance risk (i.e., the risk of legal or regulatory sanctions), material financial loss, or a loss of the bank‘s reputation. Banks may suffer a loss of reputation by failing to comply with laws, regulations, rules, related self-regulatory organization standards, and codes of conduct applicable to banking activities.

At Pacific Private Bank we understand how inadequate risk management may result in a direct financial loss and significant adverse publicity or reputational damage. We, therefore, utilize the highest levels of risk awareness to define our profile and set up effective risk management measures.

The risk of being exposed to money laundering and the financing of terrorism varies over time, across customers, countries, products, and services. To manage and mitigate these risks, Pacific Private Bank applies a risk-based approach which directs resources by priority, so the greatest risks receive the most attention.

Our Anti-Money Laundering (AML) Program

Pacific Private Bank takes all of the necessary actions to identify, prohibit, and prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.

We have a strict anti-money laundering and counter-terrorism financing (AML&CTF) policy which is implemented by our AML&CTF Program. This program outlines the principles and defines the framework of our bank’s processes, procedures, and systems aimed to identify, prohibit, and prevent possible money laundering or financing of terrorism.

The core of our AML&CTF Program stands on our customer identification and verification procedures (Know Your Customer or KYC). Our thorough process for accepting new clients, further monitoring, and regular reviews are performed to facilitate comprehensive compliance.

Our standards of activities extend beyond the minimum national regulations, we apply and comply with widely recognized international standards and the best international banking practices. We apply the Forty Recommendations and Special Recommendations on Terrorism Financing issued by Financial Action Task Force on Money Laundering, the Wolfsberg standards for AML principles, as well as many others.

The Foreign Account Tax Compliance Act (“FATCA”) is a U.S. law whose objective is to combat tax evasion by U.S taxpayers. The Internal Revenue Service (“IRS” – U.S. tax authority) has set up a framework to collect information from non-U.S financial institutions regarding foreign income and the assets held by U.S. taxpayers outside of the United States, on a yearly basis.

NB! Access to the information contained on this website may be restricted by laws and regulations applicable to the users residing in certain jurisdictions. Applicable legal requirements may prevent certain visitors from being solicited, offered certain services or financial products and engage in business with Pacific Private Bank. Please note that the financial services described in this website do not constitute an offer to transact business in any jurisdiction where such an offer would be considered unlawful, including the US, Canada, Japan, Australia, Switzerland, UK and British Isles or any of EEA country. The information provided on this website does not constitute an offer or solicitation to buy or sell any banking service, security, investment fund, investment advice or other product or service to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. If you choose to access this website, you do so at your own initiative and risk and are responsible for compliance with applicable laws, rules and regulations that may apply to you.

NB! Access to the information contained on this website may be restricted by laws and regulations applicable to the users residing in certain jurisdictions. Applicable legal requirements may prevent certain visitors from being solicited, offered certain services or financial products and engage in business with Pacific Private Bank. Please note that the financial services described in this website do not constitute an offer to transact business in any jurisdiction where such an offer would be considered unlawful, including the US, Canada, Japan, Australia, Switzerland, UK and British Isles or any of EEA country. The information provided on this website does not constitute an offer or solicitation to buy or sell any banking service, security, investment fund, investment advice or other product or service to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. If you choose to access this website, you do so at your own initiative and risk and are responsible for compliance with applicable laws, rules and regulations that may apply to you.

The material contained herein is intended to be used for information purposes only and is not intended to and does not constitute investment advice. Further, it is not intended to and does not constitute an offer, invitation, solicitation or promotion of securities in any jurisdiction by any person; it is not intended to constitute an information memorandum, prospectus, selling or other similar document under the laws of any jurisdiction. In preparing the information contained herein, no account was taken of the investment objectives, financial situation or particular needs of any person. Before making any investment decision, individuals must obtain and carefully review the formal offering documents relating to particular investments. All information contained herein is intended only for non-U.S. persons and is not intended to be provided within the United States. If the information contained herein relates to any securities or investment units of any kind, they have not been registered under any federal or state securities laws of the United States and are not intended to be sold to U.S. persons or in the United States.

NB! Access to the information contained on this website may be restricted by laws and regulations applicable to the users residing in certain jurisdictions. Applicable legal requirements may prevent certain visitors from being solicited, offered certain services or financial products and engage in business with Pacific Private Bank. Please note that the financial services described in this website do not constitute an offer to transact business in any jurisdiction where such an offer would be considered unlawful, including the US, Canada, Japan, Australia, Switzerland, UK and British Isles or any of EEA country. The information provided on this website does not constitute an offer or solicitation to buy or sell any banking service, security, investment fund, investment advice or other product or service to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. If you choose to access this website, you do so at your own initiative and risk and are responsible for compliance with applicable laws, rules and regulations that may apply to you.

Eimantas Kazlauskas | Chief Operating Officer

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NB! Access to the information contained on this website may be restricted by laws and regulations applicable to the users residing in certain jurisdictions. Applicable legal requirements may prevent certain visitors from being solicited, offered certain services or financial products and engage in business with Pacific Private Bank. Please note that the financial services described in this website do not constitute an offer to transact business in any jurisdiction where such an offer would be considered unlawful, including the US, Canada, Japan, Australia, Switzerland, UK and British Isles or any of EEA country. The information provided on this website does not constitute an offer or solicitation to buy or sell any banking service, security, investment fund, investment advice or other product or service to anyone in any jurisdiction in which an offer or solicitation is not authorized or cannot legally be made or to any person to whom it is unlawful to make an offer or solicitation. If you choose to access this website, you do so at your own initiative and risk and are responsible for compliance with applicable laws, rules and regulations that may apply to you.